SFC brokers Towry Law payouts

The investment advisor will pay $33 million to disgruntled investors of loss-making hedge funds.

Towry Law International, a financial advisory company owned by UK-based and London-listed HHG, has agreed to pay HK$255.9 million $33 million ex-gratia to Hong Kong investors who lost money on mis-sold hedge funds in 2002. Towry Law did not admit any liability in the settlement arranged by Hong Kong's Securities Futures Commission SFC an ex-gratia payment is made as a favour not as an obligation.

The SFC says Towry Law's offices in Hong...

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